TO: LINDA REICH, CITY MANAGER
FROM: NADYNE LOWRY, ACTING DIRECTOR OF FINANCE AND HYE JIN LEE, DIRECTOR OF PUBLIC WORKS
SUBJECT
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Development Impact Fees (DIF) Annual Report for Fiscal Year 2023-24.
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RECOMMENDATION
Receive and file the DIF Annual Report for Fiscal Year 2023-24, submitted in compliance with the recently enacted state legislation Assembly Bill 516 Mitigation Fee Act, which establishes transparency and reporting requirements for local agencies regarding DIF programs.
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FISCAL IMPACT
No fiscal impact to the City.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Financial Stability
* Responsible Long-Range Planning
Revenue: Click or tap here to enter text.
Expenditure:
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Transfer Out: Click or tap here to enter text.
BACKGROUND
Development Impact Fees (DIF) are levied on new development projects to mitigate the impact of that development on public infrastructure and services, such as transportation, water, sewer, storm drain, parks, and public safety to name a few.
California Government Code ?66000 et seq. (the Mitigation Fee Act) requires local agencies to report annually on the status of Development Impact Fees (DIF), including their collection, expenditure, and remaining balances. In previous years, the City's DIF reporting was relatively simple, with less detailed breakdowns and limited future projections. However, recent legislative changes through Assembly Bill 516 introduced new requirements aimed at enhancing transparency, accountability, and efficiency in the reporting of DIF. These changes, effective January 1, 2024, are designed to ensure more comprehensive and transparent DIF reporting by local agencies.
New DIF Reporting Requirements
The new requirements, which b...
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